Sat. Jul 20th, 2024

The Joint Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries and its allies (OPEC+) welcomed Russia’s decision to amend the standard of its voluntary cuts to rely on oil production instead of exports.

During the committee’s 53rd meeting, held via video conference on Wednesday, crude oil production data for January and February 2024 was reviewed, and participants agreed to keep current oil production levels unchanged.

The Commission welcomed Russia’s announcement that its voluntary adjustments in the second quarter of this year would be based on production rather than exports, as well as the pledge by Iraq and Kazakhstan to achieve full conformity and compensate for surplus production.

The committee said that participating countries with excess production during January, February, and March this year will submit their detailed compensation plans to the OPEC secretariat by April 30, 2024.

The Committee will continue to closely follow market developments, as it is ready to take additional measures to address any future shifts, and the next meeting of the Committee is scheduled for early June 2024.

Members of the OPEC+ group are implementing voluntary cuts of 1.66 million barrels per day, of which Russia and Saudi Arabia account for 500,000 barrels, in addition to voluntary cuts, Saudi Arabia is reducing production until the end of the second quarter of 2024 by one million barrels per day, while Russia is reducing exports and production by 471,000 barrels.

 

 

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